OAKLAND — A Danville financial adviser was sentenced to a federal prison sentence that will last well into his 80s for a Ponzi scheme that prosecutors say spanned from 1998 to his 2024 arrest, and cost investors at least $9.5 million.
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Edwin “Mike” Lickiss, Jr., who turns 79 this month, allegedly coddled his nearly 100 victims; he reached out to one after a family tragedy, told another that he thought of her as a daughter, and promised returns of up to 30 percent. Instead, they lost huge swaths of money — one reported a loss of $600,000 and now must return to the workforce in his 70s, according to victim impact statements submitted to the court.
The whole thing collapsed in 2024, and the scheme was discovered after nearly 30 years. Then Lickiss was indicted on federal charges. He wrote in that he has been eager to say sorry to everyone, and that he even lied to his wife and kids about what he was up to.
“I lied to you and deceived you. At the time, I allowed myself to believe I would be able to earn enough to repay everyone in full. That delusional belief does not excuse what I did.”
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Lickiss’ lawyer asked for a four-year prison term and supervised release to be served at home, arguing that Lickiss needs cognitive support for a debilitating medical problem. Prosecutors argued for the nine-year term, which U.S. District Judge Jon Tigar granted, arguing that Lickiss targeted elderly and emotionally vulnerable victims.
“Some victims had known him for years or regarded him as a family member or father figure. Others entrusted him with their savings during periods of illness, bereavement, divorce, or other personal hardship,” Assistant United States Attorney Benjamin Wolinsky wrote in a sentencing memo. “Victims have described being unable to retire, continuing to work despite serious health conditions, being unable to provide for disabled family members, and experiencing significant emotional distress.”
The prosecution has also submitted a restitution request for $12,159,828.18, records show.
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